Gold is currently showing signs of weakness after rejecting a major supply zone around 5360.
The structure suggests a transition from an impulsive bullish trend into a distribution phase. Price has already broken out of the rising channel, confirming loss of momentum.
I expect a short-term recovery into the 5000–5200 selling area, forming a lower high. If sellers step in again, the next major target lies near the 4000 demand zone.
Keys level
• Supply: 5360
• Selling area: 5000–5200
• Support: 4377
• Demand: 4000
Bias: Bearish after retracement
This is a swing/position perspective, not intraday.